Oklahoma Housing Finance Agency

Oklahoma Housing Finance Agency

Great Seal of Oklahoma
Agency overview
Formed 1975
Headquarters 100 Northwest 63rd
Oklahoma City, Oklahoma
Employees 112 FTE (FY2014)
Annual budget $186 million
Minister responsible
Agency executive
  • Dennis Shockley, Executive Director
Parent agency Oklahoma Housing Finance Agency Board of Trustees
Website Oklahoma Housing Finance Agency

The Oklahoma Housing Finance Agency (OHFA) is a non-profit organization which serves the people of Oklahoma by offering affordable housing resources, including loans and rent assistance. OHFA was created in 1975 when Governor of Oklahoma David L. Boren approved the agency's first trust indenture. OHFA is a public trust with the State of Oklahoma as the beneficiary. The Trust was established to better the housing stock and the housing conditions in the State of Oklahoma and administers the Section 8 housing program for the State.

While it is affiliated with the State of Oklahoma, OHFA does not operate using legislative funds.

Leadership

The Housing Finance Agency is overseen by a 5-member Board of Trustees as appointed by the Governor of Oklahoma on staggering terms. Day-to-day operations of the Agency are under the direction of the OHFA Executive Director. Dennis Shockley is currently serving as the Executive Director, having served in the position since 1997.

Board of trustees

OHFA is governed by a five-member Board of Trustees appointed by the Governor of Oklahoma. The five members serve staggered five-year terms. The Governor also appoints one additional member to the Board who is a resident of public housing.

As of May 2011, the Board of Trustees is as follows:

Office Incumbent
Chairman Richard Lillard
Vice Chairman Joe Shockley
Secretary-Treasurer Steve Ganzkow
Trustee Debbie Blackburn
Trustee Charles P. Rainbolt
Resident Member Erma Williams

The Board of Trustees appoints an Executive Director to run OHFA. The current Executive Director is Dennis Shockley, who has served in that position since 1997.

History

OHFA started with 12 district field agents hired to implement the Rental Assistance program. OHFA has since grown to a multimillion-dollar agency with over 100 employees administering nine housing programs. From the manual days of processing paperwork to automated computer days, OHFA has grown from helping 3,500 families annually to helping over 25,000 with 11 different housing programs in recent years.

Functions

Through the OHFA Advantage program, OHFA works with participating mortgage lenders to provide 30-year fixed-rate loans through OHFA Advantage (state bond money) at below market rates. The most popular type of loan offers down payment and closing cost assistance. OHFA also offers new construction loans. Housing Development programs such as Affordable Housing Tax credits and the HOME Investment Partnerships program help non-profits and communities to build and revitalize affordable housing.

OHFA administers the Housing Choice Voucher program for low-income individuals and families in need of assistance in paying rent.

Budget

OHFA has annual revenues over $180 million. The vast majority (63%) of OHFA revenue derives from federal funding from the United States Department of Housing and Urban Development. The other major revenues come from OHFA program loans (25%) and program fees (6%). The remainder comes from miscellaneous sources.

Expenditures are divided between interests on outstanding bonds (22%), the administration of OHFA (6%), and expenses related to federal programs administered by OHFA (69%). The remaining is associated with other program expenses.[1]

Organization

Awards

OHFA has been recognized with an Oklahoma Quality Award and is a member of the National Conference of State Housing Agencies.

References

  1. ↑ 2008 Financial Statement, Oklahoma Housing Finance Agency
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